by The global geriatric population is rapidly increasing worldwide which is driving the demand for geriatric medicines to manage various age-related health issues efficiently. Geriatric medicines are designed specifically for the elderly population aged 65 years and above and are aimed at enhancing their quality of life by improving mobility, cognition, nutrition status and treating age-related diseases and disorders.
Geriatric medicines are used to treat chronic age-related conditions like arthritis, cardiovascular diseases, diabetes, cancer, neurological disorders, respiratory diseases and others. They help in managing the complex health needs of the elderly with fewer side effects. Innovation in drug delivery systems with features like improved solubility, bioavailability and controlled release has made geriatric medicines more effective. The growing elderly population battling multiple chronic conditions is increasing the uptake of geriatric medicines for better health outcomes.
The Global Geriatric Medicines Market Size is estimated to be valued at US$ 1,004.71 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Geriatric Medicines are Pfizer Inc., Takeda Pharmaceutical Company Limited, Janssen Pharmaceuticals, Sun Pharmaceutical Industries Ltd., AbbVie Inc., Boehringer Ingelheim, Eli Lilly and Company, Bristol Myers Squibb, Daiichi Sankyo Company, Limited, Bausch Health Companies, Mallinckrodt Pharmaceuticals, Endo Pharmaceuticals, Eisai Co., Ltd., Ferring Pharmaceuticals, UCB, Evoke Pharma, Cadila Pharmaceuticals.
The growing geriatric population suffering from chronic age-related illnesses is driving the demand for geriatric medicines. According to WHO, the number of people aged 65 years and above is expected to reach 1.5 billion by 2050 from about 750 million in 2020. This growing patient pool represents a huge therapeutic opportunity for key players in the geriatric medicines market.
The global expansion of leading pharmaceutical companies into emerging markets of Asia Pacific, Latin America, Middle East and Africa through collaborations and acquisitions will fuel the growth of geriatric medicines market in these regions over the forecast period.
Global Geriatric Medicines Market Size and Trends Key Trends Personalized medicines for the elderly is a key trend gaining popularity in the geriatric medicines market. Next-generation sequencing technologies are enabling the development of personalized medicines that can efficiently treat chronic conditions in elderly based on their unique genetic makeup and disease conditions. Pharmaceutical companies are increasingly investing in R&D of personalized geriatric medicines to tap into the large aging population worldwide.
Porter’s Analysis
Threat of new entrants: High capital requirements and regulatory barriers create barriers to entry for new competitors.
Bargaining power of buyers: Large buyers such as government organizations and pharmacy benefit managers have strong negotiating power.
Bargaining power of suppliers: Suppliers of active pharmaceutical ingredients and medical devices have some power due to differentiated products.
Threat of new substitutes: New drug therapies and non-pharmaceutical substitutes pose a threat.
Competitive rivalry: Industry is highly competitive with large number of established competitors.
Geographical Regions
North America is currently the largest market for geriatric medicines, accounting for approximately 35% of the global market value in 2024, driven by aging population and demand for advanced therapies.
Asia Pacific region is expected to be the fastest growing regional market, expanding at a CAGR of over 9% during the forecast period, due to improving healthcare infrastructure and access to medicines, increasing cases of chronic diseases, and rising healthcare expenditure in countries such as China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
